We show that the most important barriers to investment and growth in the Philippines are structural and institutional problems that are characteristic of limited access societies, which can be more effectively and efficiently overcome by prioritizing 'first-order' market reforms that increase...

Growth empirics with institutional measures is performed for 25 transition countries overthe period 1990-95. Estimation results suggest that (particularly state) institutions aresignificant for growth and, especially, foreign direct investment (FDI), the latter in turnbeing important for the...